Spencer Matthews’ CleanCo secures £7m cash injection

Spencer Matthews’ low-alcohol spirits startup, CleanCo, has secured £7m in funding.

The latest investment takes the total now raised by the business to £9.1m.

The business received the cash injection from existing and new gold-stamped investors including: Ursula Burns, board member of Uber and former board member of Diageo, and Stonebridge PLC, a digital-first consumer brand investment firm set up by DTC entrepreneur James Cox, who shall also advise the company on its future growth plans.

Recording 580% uplift in sales since the start of Dry January 2021 and 1419% YoY, the low-abv spirits business founded by TV personality and entrepreneur, Spencer Matthews and ex-director of the Gin Guild, Justin Hicklin, CleanCo uses traditional distilling methods to create low-alcohol spirits.

The capital raised in its latest financing push will support the brand’s international expansion, including plans to launch a number of significant new markets in H1 2021. The new funds will also allow for ‘significant’ marketing investment in the UK to increase brand awareness.

Matthews comments: “Nobody wakes up saying ‘I wish I drank more last night’. Anyone can have a good reason to avoid or reduce their intake of alcohol. After a sub-par 2020, many of us will start 2021 with a sore head, coupled with fresh resolve and ambition to change destructive habits.

“We want more drinkers to be aware that there are choices when it comes to drinking high- or low-strength alcohol. At CleanCo, we’re offering an easy transition with quality and credible replacements – without compromising on taste or social experience.”

Spencer Matthews was our guest on an edition of Business Leader Insight last summer, where he discussed his transition from reality TV to being an entrepreneur in the low alcohol industry. WATCH THE INTERVIEW HERE.